Mark Spain Real Estate is the latest to settle the commission lawsuits
The list of brokers who have settled the commission lawsuits is growing. On Wednesday, Higher technical real estateD.B Mark Spain real estatefiled a notice notifying the US District Court in Atlanta that it had reached a nationwide settlement in the injunction lawsuits with the plaintiffs in the Phillips lawsuit.
Neither the terms of the settlement nor the settlement amount have been disclosed.
Mark Spain Real Estate operates in Georgia, Tennessee, North Carolina, Florida, South Carolina and Texas. In 2023, the company recorded 8,629 transaction sides for a volume of $2.8 billion, according to RealTrends Verified facts.
According to the filing, the parties will submit a preliminary approval of their settlement in the coming days.
The Phillips case, originally filed in November 2023, nearly a month after the jury’s verdict in the Sitzer/Burnett lawsuit, accuses real estate industry players of conspiring to artificially inflate brokers’ commissions.
In settling the commission lawsuit, Mark Spain Real Estate joins several other major industry players. These include the National Association of Real Estate Agents, Understanding Real Estate, NextHome, The Keyes Co., HomeSmart, Redfin, eXp World Holdings, United Real Estate, Douglas Elliman, Real Estate One Group, At World Properties, Everywhere, RE/MAX, Keller Williams, Compass, HomeServices of America And The real real estate agency.
None of the parties involved in the settlement have responded HousingWire’s request for comment.
